Fitch changes GeoPark view

Fitch Ratings said it affirmed GeoPark Ltd.’s long-term foreign- and local-currency issuer default ratings at B+.

The outlook was changed to negative from stable.

Fitch also affirmed GeoPark's $500 million notes due 2027 at B+/RR4.

“The negative outlook reflects the tightening of GeoPark's 1P reserve life, which decreased to 5.4 years in 2022, from 6.8 in 2021, and the expectation of the trend persisting in the next 12-18 months,” the agency said in a news release.

“The B+ ratings reflect the company's track record of increasing production and implementation of an effective cost-reduction plan.”

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